Sarbanes-Oxley: Seven steps to CYA

Don't repeat the same Sarbanes-Oxley mistakes you made last year. Take this tip sheet to your next compliance meeting.

Companies are breathing a sigh of relief after a year of scrambling and spending for SOX compliance.

Next year, however, is not expected to be a piece of cake. Compliance spending is expected to go up this year and next as SMBs and foreign registrants enter the fray. Experts advise companies see SOX as a business process, not a series of tactical problems. Here are seven ways to survive year two of compliance.

  1. Foundation: SOX is a process, not a project. Build compliances requirements into the foundation of how you run your business.
  2. SOX Office: Establish a SOX office staffed by people involved in year 1 compliance and fresh recruits, including, if necessary, new hires with specific skills.
  3. Dashboards: Sustain SOX compliance by making it front and center for your company through the use of portals, dashboards and/or scorecards. Expect to spend between $50,000 to $250,000
  4. Automate: Automate rather than replace. Don't toss out what you did last year. Experts estimate that automation technology can save upwards of 25% of SOX costs.
  5. Embed: Embed testing of internal controls in business processes or use a LAN that sits outside business processes to verify controls.
  6. Testing: Test all transactions, not just samples on a continuous basis.
  7. Monitor: Monitor controls that were put in place late last year to meet the deadline and make sure they continue to mature.

Sources: AMR Research; Pricewaterhouse Cooper; ACL Services Ltd., Iron Mountain Inc.

Dig Deeper on Risk and compliance strategies and best practices

PRO+

Content

Find more PRO+ content and other member only offers, here.

Start the conversation

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

-ADS BY GOOGLE

SearchCompliance

SearchHealthIT

SearchCloudComputing

SearchMobileComputing

SearchDataCenter

Close